Trends Report

Driving Sales Through Banking Shops

How Lessons From Retail Can Make Bank Branches More Successful

October 2nd, 2008
Vanessa Niemeyer, Ph.D., null
Vanessa Niemeyer, Ph.D.
With contributors:
Benjamin Ensor , Lauriane Camus

Summary

Banks have rediscovered their branch networks as a strategic sales channel and have renewed their focus on branch development. Innovative banks like Washington Mutual and Jyske Bank have taken retail stores as an inspiration and turned their branches into banking shops that offer a radically different customer experience. Channel strategists at other banks can learn from these pioneers' findings. They should focus on the elements from retail that help to drive sales and recognize that banking customers will need guidance to adopt a retail-like shopping behavior.

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